1. Short title
This Act may be cited as the “Accountability for Wall Street Executives Act”.
Accountability for Wall Street Executives Act
A BILL
To amend the Revised Statutes to grant State attorneys general the ability to issue subpoenas to investigate suspected violations of State laws that are applicable to national banks.
2. Visitorial powers
The sixth undesignated paragraph of section 5240 of the Revised Statutes (12 U.S.C. 484) is amended by striking subparagraph (B) and inserting the following:
“(B) Notwithstanding subparagraph (A)—
“(i) lawfully authorized State auditors and examiners may, at reasonable times and upon reasonable notice to a bank, review their records solely to ensure compliance with applicable State unclaimed property or escheat laws upon reasonable cause to believe that the bank has failed to comply with such laws;
“(ii) an attorney general (or other chief law enforcement officer) of a State may issue subpoenas to national banks or officers of national banks based upon reasonable cause to believe that the national bank or an officer of a national bank has failed to comply with applicable State laws; and
“(iii) an attorney general (or other chief law enforcement officer) of a State may require a national bank to provide aggregate data on loans and other financial products and services provided by the national bank in such State.”